February 29th saw over 100 attendees gathered to delve into the power of Generative Artificial Intelligence (GenAI). Harnessing the Power of GenAI Now, Next and Beyond, hosted by CIBA, brought together key speakers to discuss topics, from practical insights on implementation and risk management, to adoption strategies.

Speakers from EY Cayman Ltd. included Mike Mannisto, Partner, Regional Banking & Assurance Leader, Cayman Islands; Cerena Mitchell, Associate Partner, Cayman Consulting Leader, Cayman Islands; Oliver Junker, Senior Manager, Financial Services Risk Management, New York; Jochen Feindt, Senior Manager, Technology Consulting, Cayman Islands.

The evening included topics such as: What is generative artificial intelligence (GenAI); the different application domains; use cases on banks deploying AI across their functions and business lines; heightened risks of GenAI; regulatory concerns; insights from the region; and embracing full power of AI to avoid disruption.

Cerena Mitchell, Associate Partner and Cayman Consulting Leader, EY Cayman Ltd., shared, “This is going to revolutionize everything we do end to end.” Her remarks underscored the potential of GenAI in reshaping the financial services landscape. Emphasizing the importance of data readiness and organizational buy-in, she outlined a roadmap for successful AI integration. From enhancing resources to formalizing processes, Mitchell highlighted the additive nature of AI, augmenting rather than replacing human expertise.

Oliver Junker, Senior Manager of Financial Services Risk Management at EY New York, provided a perspective on the risks associated with GenAI implementation. From model risk to regulatory concerns, he discussed what financial institutions face by venturing into the realm of AI. Junker emphasized that risk management should not stifle innovation but rather support it through robust governance frameworks, emphasizing accountability, transparency, and ethical considerations in AI deployment.

Jochen Feindt, Technology Consultant, EY Cayman Ltd., offered insights into the GenAI landscape in the Caribbean. From readiness assessments to data governance frameworks, he outlined key considerations for organizations embarking on their AI journey. Feindt’s discussion highlighted the diversity of use cases, ranging from task automation to machine learning applications, and underscored the importance of tailored strategies.

Stay tuned for updates on future events at https://cibankers.org/